Honduras is a Central American nation bordering Guatemala, El Salvador and Nicaragua, and has a coastline on the Caribbean Sea and an outlet to the Pacific Ocean through the Gulf of Fonseca. It is a republic with its capital at Tegucigalpa. The President is the Chief of State and Head of Government, and there is a unicameral legislature. Spanish and Indian dialects are spoken. It is a member of the OAS, the UN, and the IMO.
Honduras is one of the poorest countries in the Western Hemisphere. Agriculture is the most important sector of the economy but manufacturing is in its early stages. Exports are bananas, coffee, shrimp, lobster, and minerals, and the main trading partners are the United States and Germany. The unit of currency is the lempira.
On November 4, 1994 the Honorable National Congress approved the new Organic Law of the Merchant Marine which entered into force on January 1, 1995. The new law updates the registration procedures and is designed to attract larger vessels.